My horrific story with Litton Loan Servicing

[Joel Fraser]

First, I am so glad I have found a forum discussing what is pressing in my life at this time...the impending loss of my house. I have had the worst experience dealing with Litton Loan Servicing. I live in Las Vegas, Nevada and originally purchased my home for 448,000. The home is now worth approximately 255,000. My loan for both the first and second are ARMS and are due to reset in Jan 09. With the increasing costs of living, school, etc., we are not able to maintain our current payment. For the first time in my life, I have become "30 days" late on my mortgage. I started several months ago to prevent foreclosure by consulting a loan officer, calling government hotline for "hope now" as well as contacting Litton. Of course I was not able to refinance the home due to loss of equity and exceeding the LTV 120%. Contacting the Hope hotline was another avenue and I thought, "well maybe this might work". I had a counseling session with Money Management International in which they provided a budget analysis and submitted it to Litton. After about 7 weeks, I decided to contact Litton's loss mitagation department to see where I was in the process of a loan modification or restructure. I was told at that time, Litton was "denying my requests and I would receive a letter stating this. I never received a letter, so after a week I contacted NACA to see if there was something they could do in order to help me. At first I was excited with NACA's philosphy and "go get them" attitude. Litton contacted me stating that there is no way the investors are going to approve NACA's proposal (mortgage payments from 3785 to 2378) and that my requests have been denied. I spoke with a Jason Jones in the loss mitagation department and I stated that at this point, I have exhausted all avenues and since Litton is unwilling to assist then we are left with no other options. I also requested a letter of this denial which of course Mr. Jones states will "be in the mail". As of today, I am still waiting for this letter. Meanwhile, I have shared this information with NACA and was told by my counselor that "this new information will be sent to the arbitrator", a month later, I am still waiting on a response. At this point , my husband and I are seeking somewhere else to live and preparing our son on the future changes. I no longer care about my credit score, just returning some sanity back into our lives.